Bitcoin prices are trending lower at press time, contracting below the middle BB as per the candlestick arrangement in the daily chart. Even with the community being optimistic about what lies ahead, the failure of bulls to flow back is putting a damper on trader confidence. For now, traders can watch prices evolve, paying close attention to the local resistance at around $66,000.

At press time, Bitcoin is stable on the last day but up 5% in the previous week. Though the coin is in green, prices are trending lower and unable to overcome the intense liquidation. Nonetheless, the uptick in trading volume might help revive demand. The average trading volume stands at over $25 billion in the past day, down 17%.

The following Bitcoin news events are worth paying close attention to:

• After nearly three months of steady outflows, the inflow into GBTC has been net positive. For two consecutive days, Grayscale bought BTC for their clients. Even so, this should continue this week for a solid sentiment shift now that inflow has been slowing down across the board.
• Reports suggest that the new South Korean leadership will likely press for the country’s regulator to approve a spot Bitcoin ETF. To do this, the FSC must change its position on the legal status of BTC. Currently, local firms are barred from listing foreign spot Bitcoin ETFs.

Bitcoin Price Analysis

BTC/USD is printing lower lows, looking at the formation in the daily chart.

For this to change and bulls to take over, there must be a sharp reversal of May 6 losses.

Accordingly, a close above $66,000 will be crucial for Bitcoin.

If not, and sellers press on, BTC will likely continue dropping.

A key level to watch in the days to come is the zone around $60,000.

If sellers take over, BTC will likely retest April 2024 lows of around $56,500.